Always delivering an amazing experience

Fast, easy and to your door

1. Pro-Forma CAGR (2017-2022), excl. Woowa and Delivery Hero Korea
1. Referring to the current portfolio of countries & verticals
1. Logistics-as-a-Service
1. The Platform business corresponds to the four regional segments of Delivery Hero Group (Europe, MENA, Asia and Americas) including group costs

As a reminder:
- ‒ Woowa transaction closed 4 March 2021
- ‒ Divestment of Delivery Hero Korea closed on 29 October 2021
In order to give a better picture of the Group profile going forward and in line with our reporting in our previous Trading Updates, we will be presenting pro forma numbers that are:
- ‒ Including Woowa from 1 January 2021 onwards
- ‒ Excluding Delivery Hero Korea from 1 January 2021 onwards
- ‒ For better comparison, historic data is also restated

Guidance for FY 2021
Guidance	FY 2021 Results
Upper end of €33bn to €35bn	€35.4bn
Upper end of €6.4bn to €6.7bn	€6.6bn
Around -2% of GMV	-2.2%

Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. Difference between total segment revenue and the sum of segment revenues is mainly due to intercompany eliminations for services charged by the Platform Businesses to the Integrated Verticals Businesses (FY 2021: €-135.2m)
Adjusted EBITDA is unaudited and on a preliminary basis

Revenue¹ growth of 66% YoY, even with COVID restrictions lifting

Optimization in unit economics to enable increased profit contribution as we continue to scale

Further acceleration of Dmart launches: +213 new stores in Q4 2021 vs. +174 in Q3 2021 (1,074 stores at end of Dec.)

Expanding our global leadership position through Glovo transaction²

Strong cash position of €2.2bn to fund the operating business – additional \$250m from partial sale of Rappi stake

ESG: Received B rating for our first participation in the Carbon Disclosure Project (CDP)

Total Segment Revenue
The closing of the transaction is subject to certain customary conditions and regulatory approvals, including merger control clearance in several countries, and is expected to occur in the second quarter of 2022

Total Segment Revenue¹ (€bn)

Stable YoY growth while increasing minimum order value, delivery fee and voucher reduction

Preliminary adj. EBITDA/GMV margin of -2.2% in FY 2021

Monetization activities counter the impact from reduction in low value orders during Q4 2021

Expect continued above-market growth in GMV and Revenue

YoY growth rates in red are constant currency and in black are reported currency

Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform Businesses to the Integrated Verticals Businesses (Q4 2021: €-42.8m). All values including Woowa and excluding Delivery Hero Korea
Includes reported current growth rates for Argentina and Lebanon in the constant currency calculation due to the effects of hyperinflation in Argentina and Lebanon

Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform Businesses to the Integrated Verticals Businesses (Q4 2021: €-42.8m). All values including Woowa and excluding Delivery Hero Korea 2. Includes reported current growth rates for Argentina and Lebanon in the constant currency calculation due to the effects of hyperinflation in Argentina and Lebanon

Strong GMV growth of 40%, despite COVID reopening impact across the region and natural disasters in the Philippines and Malaysia

Growing basket sizes and reduced free-delivery campaigns pushed contribution margin¹ to new all-time high

Stable share in South Korea despite temporarily intensified competition in November and early December

Announced plan to divest foodpanda Japan in Q1 2022 to shift resources to more attractive growth opportunities (e.g. quick commerce)

YoY growth rates in red are constant currency and in black are reported currency

MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Lebanese operations qualifying as hyperinflationary economy according to IAS 29 beginning October 2020. In Q4 2021, GMV & revenues have been retrospectively adjusted with a total impact of +€1.1m and +€0.3m, respectively

Includes reported current growth rates for Lebanon in the constant currency calculation due to the effects of hyperinflation in Lebanon

Healthy GMV growth of 34% YoY in Q4 2021 (on a like-for-like basis) despite reopening and gradual easing of COVID restrictions

+50% Strong development in own-delivery with order growth of 69% YoY in Q4 (like-for-like)

Revenue growth of 50% YoY on a like-for-like basis as average basket size improved by more

Announcement to scale back operations in Germany. Divestment of Romania closed in Dec. 2021

Americas revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018 In Q4 2021 GMV & revenues have been retrospectively adjusted with a total impact of +€49.5m and +€14.3m, respectively

Includes reported current growth rates for Argentina in the constant currency calculation due to the effects of hyperinflation in Argentina

Integrated Verticals revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. In Q4 2021 GMV & revenues have been retrospectively adjusted with a total impact of +€1.5m and +€1.2m, respectively

The agent business with local vendors is captured in the platform business segments. DH Kitchens is capturing various types of kitchen models

Contribution Margin¹of Own-Delivery (Before Voucher Costs² ) as a % of GMV Values excluding Delivery Hero Korea and not yet including Woowa

Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support)

15 The contribution margin shown above differs from IFRS gross profit, because the former excludes certain non-commission revenue like advertising revenues, whereas the latter excludes i.e. customer support costs, bad debt expenses and includes voucher costs

Voucher costs correspond to marketing initiatives to incentivize the acquisition of new users or the retention of existing users

Contribution Margin¹of Own-Delivery (After Voucher Costs² ) as a % of GMV Values excluding Delivery Hero Korea and not yet including Woowa

Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support) The contribution margin shown above differs from IFRS gross profit, because the former excludes certain non-commission revenue like advertising revenues, whereas the latter excludes i.e. customer support costs and bad debt expenses
Voucher costs correspond to marketing initiatives to incentivize the acquisition of new users or the retention of existing users

Large portfolio of minority investments in the global food delivery space and adjacent businesses

Portfolio supports in building a network to peer companies and to explore ways to collaborate, extend our know-how or drive consolidation

Already generated very attractive returns in the double-digit and sometimes even in the tripledigit percentages

Partial sale of stake in Rappi worth \$250m in January 2022. DH continues to hold an approx. stake of 5.3% in Rappi on a fully diluted basis

Market value for private assets is based on the valuation of the last funding round. Market capitalization of public companies is based on publicly available data. Data as of January 31, 2022
The closing of the Glovo transaction is subject to certain customary conditions and regulatory approvals, including merger control clearance in several countries, and is expected to occur in the second quarter of 2022. Until such closing, we will continue
to hold approx. 43.8% stake in Glovo, on a non-diluted basis, which is accounted as minority investment
1. This corresponds to the share in Rappi after the partial sale in January 2022

in €bn

Capex: 1.1% of GMV (5.5% of total segment revenues in H2 2021)

M&A & Investments: Several transactions, including Gorillas, Marketyo and the proceeds from the sale of Yogiyo and the Balkan countries

Rappi divestment: Already received additional cash inflow of \$250m from partial sale of Rappi stake in January 2022

Platform business corresponds to the four regional segments of Delivery Hero Group (Europe, MENA, Asia and Americas) including group costs. The Integrated Verticals segment is not part of the Platform business
For a better comparability, the numbers presented here exclude Germany and Japan as these operations will be closed

Platform Business incl. Glovo: adjusted EBITDA between €0 to €100m in Q4 2022
Significant investments in FY 2022 to gain size and extend its leadership
Glovo management targets GMV of €4.0 to €4.3bn and adj. EBITDA of negative €330m in FY 2022²
Delivery Hero will amend Group guidance after closing of the transaction
Glovo to be included in the Europe and the Integrated Verticals segments once closing has taken place
As of 31 January 2022, over 95% of Glovo's non-operational shareholders have accepted payment in Delivery Hero shares as opposed to cash
1. The closing of the transaction is subject to certain customary conditions and regulatory approvals, including merger control clearance in several countries, and is expected to occur in the second quarter of 2022
1. Target excludes one of the larger transactions that was contemplated in the run-rate GTV figures communicated in Dec. 2021. GMV and adj. EBITDA are on a preliminary basis and might not be entirely comparable to Delivery Hero's definition

Large and expanding TAM opportunity

Food, groceries and other quick commerce areas offer a massive market opportunity in Delivery Hero's current country footprint covering a total population of ~2.2bn (incl. Glovo¹ )

Leadership²

95% of GMV generated in countries where we are #1 On a combined basis with Glovo¹ , Delivery Hero's #1 position countries will generate 90% of Group GMV

Forefront of product innovation

Built superior technology stack and constantly ahead of the curve in driving innovations around logistics, quick commerce, subscription, kitchen concepts, supplier systems and other core areas

Multiple levers driving highly attractive economics

Increasing frequency and average order value drive further improvement of unit economics

Clear path to 5-8% long-term Adj. EBITDA/GMV margin

Multiple profitability drivers, including scale, automation and commercial levers

Strong track record of value accretive acquisitions

Successful M&A to accelerate growth and expand our leadership

Note:

For Group, MENA, Americas and Integrated Verticals, revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and/or Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively. RC = Reported Currency Growth / CC = Constant Currency Growth

Difference between Total Segment Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses
Adjusted EBITDA is unaudited and on a preliminary basis

Orders and GMV are accounted for in the respective Platform segments and shown in the Integrated Verticals segment for illustrative purposes only

Note:

Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies).
Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts.
Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina and Lebanon we have included reported current growth rates for Argentina and Lebanon in the constant currency calculation to provide a more accurate picture of the underlying business.
MENA revenues, adjusted EBITDA, GMV as well as the respective growth rates are impacted by the Lebanese operations qualifying as hyperinflationary economy according to IAS 29 beginning October 2020.
Americas revenues, adjusted EBITDA, GMV as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018.
Integrated Verticals revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018.
Contribution margin of own-delivery relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support).

For the purposes of this notice, "presentation" means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.
This presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate Delivery Hero SE. Delivery Hero SE undertakes no obligation to update or revise this presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness.
The information in this presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither Delivery Hero SE nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.
The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("Forward-looking Statements"). These Forward-looking Statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "aims", "plans", "predicts", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding Delivery Hero SE's intentions, beliefs or current expectations concerning, among other things, Delivery Hero SE's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of Delivery Hero SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of Delivery Hero SE's prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of Delivery Hero SE's results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-Looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by Delivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.